Pangolin Asia

Fund

Fund Investment Objectives

The Fund's investment objective is to achieve long term capital growth through capital appreciation and income. The Fund seeks absolute returns rather than to perform in relation to any benchmark equity index. The Fund will invest primarily in listed securities of companies which, in the view of the Investment Manager, are trading below their true and realisable value. Stock selection will be based on a bottom-up approach and will be supported by fundamental research and company visits. The Investment Manager will place a high emphasis on management quality, cash-flow, pricing power, returns on equity and capital, earnings history, treatment of minorities and other factors when considering investments. The Fund will invest in companies of lesser quality if it is felt that their securities are attractively priced. At all times, the Investment Manager will be seeking to identify value. This often entails investing in out of favour companies, industries and markets, and such investments can remain unpopular for some time. Hence the typical investment horizon may be 3-5 years although if an investment appreciates within that time period to its perceived value, if things change, or if other investments offer superior returns, then it may be sold earlier. The Investment Manager may seek to take advantage of trading opportunities, in which case, the Fund may invest in the securities of companies that do not meet the criteria described above. Little account will be taken of either index or geographical weightings. This methodology may result in a portfolio which is concentrated, volatile and not diversified. Redemption fees: Within 1 year 7%, from one to two years: 5%, from two to three years: 3%, after three years 0%. AUM is not disclosed.